【解剖大盘】 昨日盘后 AI 利好对港股早端情绪有较大刺激，但午后形势急转直下，收盘跌 1.27%。 特朗普着手罢免美联储理事丽莎·库克一事闹得沸沸扬扬，库克不妥协，表示要上诉。事件表明美国政 府部门可以逐步"清洗"FOMC 中的鹰派声音，并倾向于批准更符合其政策目标的候选人，从而在根本上 改变 FOMC 的投票格局，为长期宽松政策铺平道路。后遗症预计会逐步显现，导致 30 年期美国国债收 益率升至 4.9%；英国同期限国债收益率接近 27 年来最高水平；日本国债收益率也接近纪录高位。黄金 等继续受到青睐，反复提到的中国黄金国际（02099）、中国有色矿业（01258）均涨幅超 2%。 新的问题接踵而至，美国从 8 月 29 日起暂停对价值 800 美元及以下的进口包裹给予免税待遇，届时小 额包裹需缴纳适用的所有税费。据联合国万国邮政联盟 26 日统计，因美国新规下与运输服务相关的不 确定性尤为突出，目前其成员中已有 25 国宣布暂停向美国寄送包裹。这个事件影响非常大，美国海关 数据显示，2024 年通过"最低免税额"政策入境的包裹约有 13.6 亿件，货值高达 646 亿美元。这项政策 每年为美国消费者节省 ...

东兴晨报 P1 东 兴 晨 报 经济要闻 1.国务院：国务院发布关于深入实施"人工智能+"行动的意见，到 2027 年，率先实现人工智能与 6 大重点领域广泛深度融合，新一代智能终端、 智能体等应用普及率超 70%，智能经济核心产业规模快速增长，人工智能 在公共治理中的作用明显增强，人工智能开放合作体系不断完善。到 2030 年，我国人工智能全面赋能高质量发展，新一代智能终端、智能体等应用 普及率超 90%，智能经济成为我国经济发展的重要增长极，推动技术普惠 和成果共享。到 2035 年，我国全面步入智能经济和智能社会发展新阶段， 为基本实现社会主义现代化提供有力支撑。（资料来源：同花顺） 2. 国家发改委：国家发展改革委有关负责同志就《关于深入实施"人工智 能+"行动的意见》答记者问表示，国家发展改革委将强化牵头作用，加强 统筹协调，形成工作合力。推动各地区各部门紧密结合实际，因地制宜细 化落实举措，抓好贯彻落实，广泛凝聚社会共识，避免一哄而上、一哄而 散、浮于表面等问题。持续完善相关法律法规、制度政策、应用规范、伦 理规则，加大人工智能领域金融和财政支持力度，完善应用试错容错管理 制度，推动重点场景"敢开 ...

晨会纪要 核[心Ta观bl点e_：Summary] 一、产业综合组： 昨日 A 股收盘后，国务院发布了关于深入实施"人工智能+"行动的意见。对发 展国内人工智能产业的多个方面都发布了支持和指导的建议。同时国内 AI 产业 链的龙头标志性公司，如寒武纪、胜宏科技、中际旭创和浪潮信息等都在同日发 布了 2025 年的半年度财报，从这些公司上半年的业绩看，无论是收入还是净利 润都呈现高增长趋势，从他们的存货环比变动看，除寒武纪 Q2 期末的存货环比 下降外，其余的公司都继续环比大幅增长，因此总体看这些公司三季度的业绩大 概率能够继续环比增长，寒武纪可能三季度的业绩环比增幅不大。昨日 A 股在出 现历史第二高的交易量后，已经出现调整迹象，如果今天 AI 产业链不能在上述 消息的刺激下明显反弹，则本轮 A 股的上涨行情可能进入盘整或调整的概率较高。 财联社 8 月 27 日电，苹果公司计划于太平洋时间 9 月 9 日上午 10 点举行大型秋 季产品发布会，预计将推出 iPhone 17 系列。我们认为国内苹果产业链的龙头公 司歌尔、立讯等近期公布的半年度报告基本净利润都维持 20%左右的增长，如果 新的苹果产品能够在技 ...

晨会纪要（R3） 晨会纪要 2025 年 08 月 27 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3868.38 | -0.39 | | 深证成指 | 12473.17 | 0.26 | | 创业板指 | 2742.13 | -0.76 | | 科创 50 | 1270.87 | -1.31 | | 北证 50 | 1591.90 | -0.76 | | 沪深 300 | 4452.59 | -0.37 | 上证指数-沪深 300 走势图 -5% 15% 35% 55% 2024-08 2024-11 2025-02 2025-05 上证指数 沪深300 | 黄红卫 | 分析师 | | --- | --- | | 执业证书编号:S0530519010001 | | | huanghongwei@hnchasing.com | | | 管诗睿 | 研究助理 | | guanshirui@hnchasing.com | | 晨会聚焦 【债券研究】债券市场综述 二、重要财经资讯 【宏观经济】商务部：中国对外投资存量超过 3 万亿 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 08 月 24 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 2025 年 9 月消费电子厂商集中召开新品发布会，关注北交所苹果产业链标的 ——北交所科技成长产业跟踪第四十期（20250824） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 联系人 苹果、华为即将在 2025 年 9 月新品发布会上推出多款新品。参考 ITBEAR 信息，苹果即将在 2025 年 9 月举行的新品发布会上推出包括 iPhone 17 系列在内的多款新品以及全新的软件更 新。华为全新智能手表系列 Watch GT6 已经完成备案，预示着即将在 9 月发布会上亮相。根 据 Canalys 的最新数据显示，2025 年第二季度全球手机出货量为 2.889 亿部，同比持平，头 部手机厂商中，三星以 5750 万部 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the consumer electronics industry, particularly focusing on the AR (Augmented Reality) and smart glasses market, with significant mentions of companies like Meta, Xiaomi, and Alibaba [1][4][5]. Key Points and Arguments 1. **Market Recovery and Stock Performance** The end-user market has shown significant recovery, particularly for stocks like Goer and Hengxuan, which have rebounded after a period of low performance. Key factors include improvements in fundamentals and increased upstream demand [2]. 2. **Product Launches and Innovations** The second half of the year is expected to be a traditional peak season for consumer electronics, with major product launches from Apple and Meta. Apple is anticipated to release the iPhone 17 series, new Apple Watch, and AirPods Pro 3, which could significantly impact the supply chain [5]. 3. **Meta's Strategic Focus** In 2025, Meta is concentrating on AR and smart glasses, launching new products including AR glasses paired with a mechatronic wristband and new Ray-Ban smart glasses. These products utilize LCoS and reflective waveguide technology, offering a unique single-color display [6]. 4. **AR Market Potential** The AR market is currently small, with only about 500,000 units sold globally in 2024. Meta's entry with its first AR product could stimulate interest and investment in AR technology, differentiating itself with a single-color display compared to existing green displays [7]. 5. **Goer Technology's Role** Goer Technology is a key supplier for AirPods Pro 3 and is involved in manufacturing Meta's smart glasses and AR glasses. The company is expected to see significant profit growth, potentially reaching 5 billion yuan by 2026 [3][9]. 6. **Emerging Competitors** Other companies to watch include Longqi Technology, Huajin, Crystal Optoelectronics, Lante, and Huacan, which are actively involved in various segments of the smart glasses supply chain [10]. 7. **Impact of New Technologies on Component Suppliers** Meta's new technologies, particularly the reflective waveguide, are expected to benefit component suppliers like Crystal Optoelectronics and Huacan, which are involved in critical manufacturing processes [11]. Additional Important Insights - Despite the positive trends, the market lacks explosive events that could drive significant consumer interest [4]. - Meta's smart glasses have seen a notable increase in monthly sales, with over 1 million units sold in the first half of 2025, although still short of the initial target of 10 million units [4]. - The upcoming product releases from major companies are likely to lead to unexpected performance in the consumer electronics sector [5].

Core Viewpoint - The upcoming Apple event on September 10 is highly anticipated, showcasing the iPhone 17 series and other innovative products, with a focus on design and technology advancements [1][32]. Group 1: iPhone 17 Series - The iPhone 17 Air is expected to be Apple's first ultra-thin model, featuring a thickness of only 5.5mm and a 6.6-inch display with a resolution of 1260 x 2740 [7][10]. - The iPhone 17 series will adopt an aluminum alloy frame, with the Pro models featuring a new integrated design for the frame and lens [18][30]. - The iPhone 17 Pro series will debut the A19 Pro chip, 12GB of RAM, and a 5000mAh battery for the Pro Max model, enhancing performance and gaming capabilities [20][22]. Group 2: Design and Features - The iPhone 17 Air will feature a 48MP single camera and a 2800mAh battery, although it may not support adaptive refresh rates for its 120Hz display [12][14]. - The standard iPhone 17 will have a 6.3-inch display and will be the first to support 120Hz refresh rates across the entire series, although it lacks adaptive refresh capabilities [26][30]. - The Pro series will include a new orange color option and will maintain high-end specifications, reinforcing its position as the premium offering in the lineup [16][24]. Group 3: Other Products - The event will also introduce new Apple Watch models: Series 11, Ultra 3, and SE 3, with the Ultra 3 expected to support satellite communication [32][34]. - New audio products, including AirPods Pro 3 and HomePod mini2, will feature improved sound quality and design for better comfort [37][39]. - Additional products such as the Apple TV box and AirTag 2 will also be presented, although they may not be of significant interest to consumers [39][41].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [12]. Core Insights - The company is positioned in the consumer electronics sector, focusing on automotive and humanoid robot markets to create new growth drivers [5]. - The upcoming launch of Apple's first foldable iPhone is expected to incorporate the company's UTG glass cover products, which are anticipated to gain traction in the market [5]. - The company has established a strong technological foundation in 3D glass, which is expected to be utilized in the iPhone 17 series [8]. - The success of Xiaomi's YU7 electric vehicle indicates a growing market for intelligent automotive glass, which the company is well-prepared to supply [9][10]. - The humanoid robot market is projected to grow significantly, and the company is strategically positioned to capitalize on this trend by developing key components for humanoid robots [11]. Summary by Sections Company Overview - The company recently went public on July 9, 2025, raising a total of HKD 4.768 billion through its IPO [4]. Financial Data - Current stock price is HKD 19.70, with a total market capitalization of HKD 1,033.3 billion and a total share count of 5,245 million [2]. Revenue and Profit Forecast - Revenue projections for 2025, 2026, and 2027 are HKD 907.89 billion, HKD 1,443.36 billion, and HKD 1,863.67 billion respectively, with corresponding EPS of HKD 0.99, HKD 1.58, and HKD 2.07 [12][15]. - The company is expected to benefit from the ongoing iteration of consumer electronics products, particularly in the smartphone and PC segments [12]. Market Trends - The global foldable smartphone market is expected to reach 100 million units by 2027, with a CAGR of 50.6% from 2022 to 2027 [5]. - The 3D glass back cover market for smartphones is projected to grow from USD 542 million in 2024 to USD 673 million by 2031, with a CAGR of 3.2% [8]. - The humanoid robot market is anticipated to reach USD 12.9 billion by 2029, growing at a CAGR of 54.4% from 2025 to 2029 [11].

Group 1 - J.P. Morgan has lowered Apple's stock price target from $240 to $230, reflecting a cooling trend in revenue and profit expectations for the next 18 months [1] - The report indicates that early purchases to avoid U.S. tariff risks have weakened consumer upgrade desires, and the iPhone 17 series is expected to perform poorly due to limited hardware upgrades and insufficient innovation [1][3] - The forecast predicts that the production of the iPhone 17 series in 2025 will be approximately 9% lower than that of the iPhone 16 series in 2024, indicating a shift in sentiment regarding hardware growth expectations [3] Group 2 - The growth of Apple's services business is also anticipated to slow down, although further details were not provided [3] - Apple is taking a cautious approach to AI innovations, with a significant upgrade to Siri expected to launch in early 2026, marking a major shift in Apple's AI strategy [3] - Rumors suggest that a foldable iPhone may be introduced around the same timeframe, with production potentially starting in the second half of 2025 and a launch by the end of 2026, although some reports indicate a possible delay until 2027 [3]

宁德时代 IPO 前暗盘价格涨超 9%。 明天就将上市的宁德时代，当前在港股暗盘的股价已经涨到 284 港元，涨幅达 9%。按照暗盘价格 计算，宁德时代的市值将涨到 1.3 万亿港元，在港股排第八。 本次港股 IPO ，宁德时代发行价为 263 港元，与 A 股价格相比，几乎没有折价。宁德时代计划融 资 50 亿美元，其中大部分额度被中石化、科威特资本局、橡树资本、瑞银等机构认购。目前宁德 时代公开发售股票的认购倍数超过 120 倍，已经获得超过 2800 亿港元资金的认购。 小米自研芯片玄戒 O1、首款 SUV YU7 等将于本周四发布。 小米今天宣布，将于本周四晚 7 点举行战略新品发布会，发布手机 SoC 芯片小米玄戒 O1、小米 15S Pro、小米平板 7 Ultra、小米首款 SUV YU7 等产品。 小米创始人雷军发文称，小米在 2021 年初决定造车。几乎与此同时，小米决定重启 "大芯片" 业 务，重新开始研发手机 SoC。截至今年 4 月底，小米玄戒项目累计投入研发费用超 135 亿元。目 前，其研发团队已超 2500 人，今年预计的研发投入将超过 60 亿元。 小米称，玄戒 O1 采用第二 ...